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I was faced with the same problem with Recalbox 4.0.1. I have the same configuration as the but there was no sound at all. I have downgraded to Recalbox 4.0.0 and applied the configuration again and everything works like a charm.
Leia isto: https://github.com/recalbox/recalbox-os/wiki/Analog-Audio-Pi-Zero-(EN)
vi agora que você postou isto https://forum.recalbox.com/topic/6691/raspberry-pi-zero-audio-output-pwm-not-work/4